Property Problem Areas Flashcards
What is marketable title? And do existing violations of zoning ordinances have any effect?
Marketable title means that the title is reasonably free from doubt. Existing violations of zoning ordinances render title in unmarketable
What is a General warranty deed?
One in which the grantor covenants against title defects created both by himself and all prior titleholders.
What is the title theory?
Under the title theory, title remains in the mortgagor (debtor) and the mortgagee holds only a security interest in the property. Thus, the mortgagee may not have possession before foreclosure in these jurisdictions.
What is the natural flow theory?
I landowner cannot alter the right one manner of natural flow of surface waters (e.g. rainfall, melting snow) where such actions would injure others above or below him.
What is the general rule for warranties and conveniences of real property? Also what is the exception?
Generally the convenience of real property contains no warranties of quality or fitness for the purpose intended, but there is a recognized exception for the sale of a new house by the builder.
There is an implied warranty that the new house is designed and constructed in a reasonably workmanlike manner and suitable for human habitation.
Does the holder of a servient estate have the right to choose the location of an easement by necessity?
Yes, the owner of the Servient parcel has the right to locate the easement, provided the location is reasonably convenient.
An easement by necessity arises when the owner of the tract of land sales a part of the tract and by this division deprives one lot of access to a public road or utility line.
What generally happens if a tenant transfers (assigns or sublets) in violation of a prohibition in the lease against transfers?
The transfer is not void. However, the landlord may terminate the lease under either the lease terms or the statute.
